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Zaibatsu: a Study of Japanese Combines Yesterday and Today

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Zaibatsu: a Study of Japanese Combines Yesterday and Today Calhoun: The NPS Institutional Archive Theses and Dissertations Thesis Collection 1970 Zaibatsu: a study of Japanese combines yesterday and today. Smellow, Edwin Neil George Washington University http://hdl.handle.net/10945/15220 ZAIBATSU: A STUDY OF JAPANESE COMBINES YESTERDAY AND TODAY by Edwin Nei 1 Sme 1 low n T/^/V ZAIBAT3U: A STUDY OP JAPANESE COMBINES Y1STJSRDAX AKD TODAY BY Edwin Neil Smellr Bachelor of Arts Antloch College, 1958 j 1 A The ! ut : to the School of Gov< ; ^nd Bus it- ess j id' Ltion of The Gee-' on Eequixei for the Degree Cas1 Bu s ine s s LA minis tra tic March, 1970 Thesis directed by Id diaries Demoody, M.B.A. ' Associate Professor o; \ nisi ion n 5^ LIBRARY TABLE OF CONTENTS Page LIST OE TABLES . iv LIST OE CHARTS . vi Chap ter I. INTRODUCTION. Objective Scope Organization and Mechanical Details II- ZAIBATSU—A CONCEPTUAL FRAMEWORK. ....... Organization and Structure o;C Zaibatsu Companies Zalt atsu Economic Patterns HI- ZAIBATSU EVOLUTION AND DEVELOPMENT. ...... yb Introduction Historical Perspective — The v/ Tpkugawa Era (1600-1868) Mitsui i Su : go, ^ Historical Perspective — The Meiji Era (1868-1912) Historical Perspective-- The Liberal Era (1914-1931) Historical Perspective— The 3 Ira of Kilitariam (1932-1945) IV. THE OCCUPATION EUA (1945-1952), ........ Introduction Background Occupation Economic Policies 2aiba_tgu Dissolution Personnel Purge Ma j o r Le g 3 s 1 a tio The Antimonopoly Law Deconcentration L American Policy Reorientation Chapter Page V. THE CHANGING FACE OP JAPAN (1932-1969) 99 Introduction Economic Perspective The Political-Economic Structure and Legislation Management Personnel General patterns of Stock Ownership The Trend Toward Increasing Oligopoly The Structure of Selected Prowar Zaitatsu Groups Intra -Group Relations and Interlocking Directorates VI. CONCLUSION , 131 APPENDIXES I. GLOSSARY OF JAPANESE TERMS. , . 136 II. THE SUBSTANTIVE PORTIONS OP THE ANTIMONOrOLY LAW. e . 138 LAV? TO BE USED FOR DETERMINATION OP EXCESSIVE CONCENTRATIONS 140 BIBLIOGRAPHY . 141 iii LIST OP CHARTS Chart Page I. The Mii;sui Interests 14 II. Mitsubishi Interests . 15 III. Sumitomo Interests ............... 16 IV. The Ya£ uda Interests 17 V. Intercorporate Relations in the Combine Sector of Japan's Aluminum Industry. ..... 34 VI. The House of Mitsui During the Tokuftawa Era ....... 41 VII. Market Control by the Zaibatsu in Terms of Paid-up Capital 67 VIII. Index Numbers of Industrial Production fioio^ton Countries ....s. •.«•.•.• 103 IX. Growth of Heal GHP 1958-67 . 103 vi » LIST OF TABLES Table Page 1. Zaibatsu Combines 11 2. Zaibatsu Family Ownership Patterns (1946) .... 14 3. Summary of Interlocks Between Officers of First-Line Subsidiaries ard Officers of the Top Holding Company ir. the Mitsui, Mitsubishi and Sumitomo Combines, 1945 21 4. Loans .fede by Four Zaibatsu Barks in 1944 . , 23 5. The Role of the Zaibatsu in Japan's Economy (1937-1941-1946) • 28 6. Position of the Top Firm, Top Three Firms and Top Five Firms in Selected Markets, 1937, 1949 . 29 7. Market Concentration Ratios by Combine by Subsidiary. 1943-1944. 31 8. Japanese Industrial Dualism, 1950, 1930, 1939 50 9. Branch Operations of Selected Zaibatsu in the Greater East Asia Territories 57 10. Index cf Physical Volume of Industrial Production 59 11 National Policy Companies ...... 61 12. Japanese Military Expenditures, 1930-194.1 . , . * 64 13. HCLC Actions on Designated Companies. ...... 80 14. HCLC Securities Disposal 80 15- Securities Distributed by the Se-curities Coordinating and Liquidation Commission .... 82 16. Economic Purge Results under SCAPIN . 84 IV Table Page 17. Purge Results under Law No. 2 of 1948 85 18. Deconcentration Action under Law No. 207. .... 90 19. Summary of Deconcentration Actions during the Occupation Period 96 20. Index Numbers of Industrial Production. ..... 98 21. Quantum Index Numbers of Japan 102 22. Wages and Expenditure of Urban Workers 107 23. Number of Cartels 109 24. Number of Cartels by Legal Basis. • . 109 25. Number of Mergers, 1956-65. 110 26. Distribution of Shares by type of Shareholder in Percentage Terms , 115 27. Number of Individuals Owning More than 100 shares ••••••••••••••••••• llo 28. Index of Market Share of Top Three and Top Ten Enterprises .....* 117 29. The Largest Shareholders of Hitachi, Yawata, and Fuji (1961) 119 30. Number of Firms Joining or Lea-ying Financial Groups (1967) ............ 121 31. Stock Ownership Patterns of the Mitsubishi, Mitsui and Sumitomo Groups 122 32. Comparison of All Loans Made by Main Pre-^ar Zaibatsu Banks in 1944, 1958, 1967. ........ ...... 126 33. Interlocking Directorates Among the Core Companies of the Mitsubishi, Mitsui, and Sumitomo Groupings (1959 Data) c .*..,<> 128 : " CHAPTER I INTRODUCTION Since the end of the Allied occupation in April, 1952, Japan has grom economically to take a current position as the world 'o third largest producer (the U. S«, Soviet Union and Japan, in that order)* Its continuous real economic growth rate of 10.1 percent (since 1954) is unparalleled in history and the implications of this, and other factors, make Japan . .l. ij. uw v vliij U- i. O . ill c* U i. vi &UlS.UUJil.JtQ IJ \jmyc t,<-L OUJ, , UUt cl ^lUtitfi'iUi political and social force in Asia now with an even more powerful potential for the future. Tha objective of this study, then, :.s to examine one of the salient economic fact which has materially contributed to Japan's becoming cuch a dynamic and competitive nation, i.e< ? the major busint s groups. Historically, overwhelming predominance in finance, Industry and -rade was held by four hu^e business groupingo Mitsui, Mitsubishi, Sumitomo and Uasuda. These and other groups not nearly as large or as powerful, were known collectively and individually by the Japanese term " zalbatsu . The importance of these organizations to Japan as a whole succinctly expressed by the four- time prime Minister, loshidi H 2 Shigeru, who, shortly after the start of the occupation, said that "the nation's economic structure had been built by such old established and major financial concerns . , and that . modern Japan owed her prosperity to their endeavors " Based upon the same pattern of thought that Xoshida verbalized, the political-economic experts of the Allied powers generally felt that the zaiba tsu were largely responsible for Japan's aggression and, as a result, occupation authorities were directed to dissolve them. However, despite dissolution effox-'s these major groupings, by name, still exist today. Thus, given a background of the tremendous influence of the big business concerns, the research question to be answered is, "Is the zaibatsu system, per se, still operative in Japan, and. if not;, what has replaced it?" in formula "fei-n-'"' an answer, other questions which have aaterialized are: (1) What, in reality, is the zaibatsu. how did it develop, and what are its salieat organizational and financial features? (2) What are the social, political and economic conditions and philosophies both b3fore and after the occupation which affected the saibatsu? It is hoped that the answers t> these questions through the study of the zaibatsni with their interrelated economic, political and social relationships, will assist in gaining a better understanding of the nature and significance of large Japanese business groups both in the historical and the current sense. •^The quotation has been extracted from the text of loshlda's entire statement as presented in Eleanor M. Hadley, Antitrust in (Princeton, N. J.: Princeton Universitv Press, 1969 ^3. 3 S£0£e The scope of research for this thesis has been limited by several factors. First, due to the author's inability to read either Japanese ideographic script ( kanji ) or the t current syllabaries ( katakana and hlrareana ) . source data h been necessarily reduced to those publications in .English or to translations of Japanese works by other persons. By this res trie tion, ituch valuable information may have been loi although a ra ;her extensive bibliography in English has been developed. The sucond ma 3 or limitation to the scope of thic thesis is the inconsistency found in Japanese financial data. Fo many years, Japanese business concerns were either not information, Not until the late 1950s or early 1960s were data published where comparisons could be clrawn with Western businesses. However, in that the Japaiese still do not subscribe to full disclosure and other accounting conventions familiar to the United States, the majority of this recently published material must be viewed as suspect by our sta; ds. Since a comparative analysis of derived figures was not possible, Japanese financial and other data, as presented by various sources, has been accepted without dispute. Where it is Important, however, sourc nd/or conflicts in info: Loa have been fully annotated. 4 Organization ana Mechanical Details. In the writing of this study, the Japanese practice of giving the family name first has been observed where the names appear in the text. References to authors both in the? foot- notes and in the bibliography have followed the standard Western technique of family name last. In addition, because so many Japanese terms and organizational names have been us'< a glossary of these has been added as Appendix I to facilitate identification. The thesis has been organized in a fashion to permit a topical approach within a chronological framework. An attempt has been made to maintain historical perspective throughout all the chapters, of large Japanese business groups and to provide a conceptual framework fron which to expand, Chapter II ex; ines the ^pacirl ownership, financial and structural characteristics of those organizations known as zalbatsu . The third and fourth chapters letail the historical evolution f bo th ma;Jor and minor zalbatsu fron inception In the early seventeenth century through dissolution subsequent to World War II. The primary purpose of these chapters is to follow the prcgreas of zail ...
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